TDG Holding Co Ltd

Tiantong Shares released its 2026 semi-annual report. During the reporting period, the company achieved operating revenue of 1.754 billion yuan, up 10.75 percent year-on-year, but net profit attributable to shareholders of the listed company was a loss of 282 million yuan, swinging from profit to loss compared with the same period last year.

TDG Holding disclosed its earnings forecast, expecting a net loss attributable to shareholders of 220 million to 300 million yuan in the first half of 2026, compared with a profit of 52.6073 million yuan in the same period last year. The net loss after deducting non-recurring items is expected to be 240 million to 320 million yuan, compared with a profit of 3.1958 million yuan a year earlier. The company stated that its upstream photovoltaic specialty equipment business has been affected by downstream photovoltaic companies' capital expenditure cuts and operating profit pressures, significantly lengthening the collection cycle for equipment sales and correspondingly increasing the provision for bad debts on accounts receivable. At the same time, industry overcapacity has led to falling product prices, resulting in a large provision for inventory write-downs in the photovoltaic segment. The combination of these two impairment provisions is the main reason for the expected loss in the current period. The company has taken measures to hedge operational risks, including strengthening accounts receivable collection and customer credit controls, accelerating the cross-industry market expansion of grinding and polishing equipment, and advancing the development of next-generation specialized equipment.

Tiantong Shares disclosed its 2026 semi-annual performance forecast, expecting a net loss attributable to shareholders of the parent company of 220 million to 300 million yuan. The expected loss is mainly due to the photovoltaic upstream specialized equipment business being affected by downstream capital expenditure contraction and industry overcapacity, leading the company to increase provisions for bad debts on accounts receivable and inventory write-downs.